Aden witnesses large-scale smuggling of foreign currencies

ADEN, June 10 (YPA) – Political and military leaders loyal to the Saudi-led coalition have smuggled large sums of hard currency out of Yemen, informed sources reported on Saturday.

The sources stated that the money smuggling operations come against the backdrop of escalating indications of the possibility of an economic collapse that may push the pro-coalition government to declare bankruptcy during the coming period.

Aden recently witnessed a large wave of hard currency smuggling, which was not limited to political and military leaders, but also included the leadership of the Central Bank, which opened accounts in the name of the bank in Emirati banks and transferred huge amounts of money, causing the local currency to deteriorate further, according to the sources.

According to analysts, these developments are a result of the pro-coalition government’s failure to handle the economic file, which has resulted in the deterioration of the economic situation in Aden and the rest of the Yemeni territories under its authority.

Observers expected the official bankruptcy of the pro-coalition government, especially with the decline in foreign exchange reserves at the central bank in Aden.

According to the Saudi newspaper Asharq Al-Awsat, officials in the coalition government revealed that their government has an 80% budget deficit and a severe shortage of foreign cash in the central bank in Aden and would be unable to pay employee salaries.

It is worth noting that the Yemeni riyal reached today, Saturday, the highest rate of collapse in foreign exchange trading, as the price of one dollar reached 1,357 riyals, amid expectations that the local currency in Aden will continue to deteriorate in the coming days.

YPA